Automated lending platform iwoca has increased the size of the loans it offers to £500,000.
This is more than double the previous limit of £200,000.
iwoca has so far lent to over 70,000 SMEs (small and medium-sized enterprises).
It’s reported a growing demand for larger loan sizes among its customers.
What does this mean?
Thanks to an uptick in usage of iwoca in part due to its participation in Government support schemes for Covid-19, CBILS and RLS, the business says it has gained valuable knowledge on the needs of small and medium sized businesses. While the speed of decision making – usually less than 24 hours – was popular, medium sized businesses said £200,000 as a maximum did not give enough flexibility. iwoca says offering higher value loans will enable it to support a wider segment of the SME market.